Taking Care of Business
Highlights
This program is perfect for your business because it offers comprehensive support to help you grow and succeed. The program provides full financial coverage for all participants, valued at approximately $7,000. This means you can access valuable resources and training without any financial burden.
Key Benefits:
- Business Development: Learn to manage the business side of your music career, create multiple revenue streams, and increase overall business opportunities.
- Professional Guidance: Benefit from expert-led sessions on music business administration, grant writing, marketing, and more.
- Comprehensive Support: Access to legal registration, distribution, online merchandise store, and personalized artist portals.
By participating, you'll gain essential skills and connections that will help you navigate the music industry more effectively. The program is designed to be accessible, ensuring you can easily qualify and complete it within six months.
Financing Details
Type of Financing: Grant
Repayment Terms and Interest Rates:
- No repayment required.
- No interest rates apply.
Eligible Expenses:
- Training and professional development.
- Marketing and promotional activities.
- Business registration and legal fees.
- Distribution and sales of music products.
- Equipment and software for music production.
Ineligible Expenses:
- Personal expenses.
- Debt repayment.
- Expenses incurred before the grant approval date.
Fees:
- No application fees.
- No administrative fees.
Qualifications
- Must be a solo artist or a band.
- Must be a permanent resident of Prince Edward Island (PEI):
- Permanent address on PEI for at least 6 months.
- File income taxes with the PEI government.
- If a band, 51% of the members must be residents of PEI.
- Must have had one previous release (single or album).
- Priority will be given to artists who are currently exporting or are export-ready.
If selected, must become a Music PEI member.
Disqualifications:
- Applicants who are not permanent residents of PEI.
- Bands where less than 51% of the members are residents of PEI.
- Artists without any previous releases.
Description
This program offers your business a significant opportunity to grow and thrive. You can receive up to $7,000 in funding, fully subsidized by FACTOR, ACOA, and Innovation PEI. This means you do not need to contribute financially to participate.
Here's what you can use the funding for:
- Legal registration of your business entity
- Distribution of your entire music catalogue via major online distributors
- Launch of a personalized artist portal
- Launch of an online merchandise store
- Creation or review of your FACTOR artist profile
The program focuses on professionalizing your business, enhancing your marketing and promotions, and providing essential music business education. You'll also get support for home studio recording and synchronization strategies.
The best part? You have up to six months to complete the program, giving you ample time to make the most of this valuable opportunity.
Program Steps
Register for the Program:
- Visit the official website and complete the registration form to create an account.
Prepare Documentation:
- Business Plan
- Financial Statements (last two years)
- Tax Returns (last two years)
- Proof of PEI residency (e.g., utility bills, lease agreements)
- Previous release (single or album)
- Music PEI membership proof (if already a member)
Complete the Application Form:
- Log in to your account and fill out the application form with your business details, objectives, and how you plan to use the program.
Submit Required Documents:
- Upload all the prepared documentation to the application portal.
Review and Confirm:
- Double-check all entered information and uploaded documents for accuracy.
- Confirm submission of your application.
Wait for Jury Decision:
- The jury of music industry professionals will review your application.
- Be prepared to provide additional information if requested.
Receive Notification:
- You will be notified of the jury's decision via email.
- If selected, follow the instructions provided to proceed with the program.
Complete the Program:
- Engage in all required activities and sessions within the six-month period.
- Maintain communication with program coordinators for support and guidance.